ATLANTA, GA – April 2, 2012 – Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today announced that it has signed an agreement to acquire Montreal based Taimma Communications Inc., a leading provider of innovative E-Learning medical education solutions to the pharmaceutical, biotechnology and healthcare industries. Ebix also announced that Taimma would be immediately integrated into its A.D.A.M. Health Information Exchange Division.
Ebix expects the transaction to be accretive to Ebix Earnings per Share (EPS). Ebix disclosed that it funded this transaction completely in cash using its existing cash reserves. No Ebix shares were issued and no investment bankers were involved in the transaction on the Ebix side.
Founded in 2005, Taimma specializes in providing innovative, best-in-class, custom, and off-the-shelf medical learning programs to meet the unique needs of the biomedical and pharmaceutical industries. Taimma’s state-of-the-art E-Learning platform provides a variety of services to be utilized by the principal constituents involved in the Health insurance industry:
Ebix Chairman of the Board, President & CEO Robin Raina said, "We are excited to be entering the M-Learning markets through the acquisition of Taimma. The success of the iPad and similar handheld devices has opened up tremendous opportunities in the field of medical education and M-Learning. We intend to utilize Taimma’s technology and course expertise in this area to expand our A.D.A.M. Division’s reach further into newer areas like the Pharmaceutical & Bio-Technology industries.”
“The combination of A.D.A.M. content and Taimma’s M-Learning expertise & deep pockets in the Pharmaceutical & Bio-Technology industries helps us to expand the reach & depth of our Health Content Exchange.” Robin said, “We are excited with our ability to take our vast medical content and sell it in the form of mobile Apps over worldwide distribution platforms like the Amazon and Apple’s iTunes stores.”
Taimma President Soula Chronopoulos said, “Ebix is a logical home for Taimma, as we were looking to be part of an innovative leading Company that could expand our reach and vision of M-Learning across the world. The A.D.A.M. expertise, health content and customer base is a perfect complement for Taimma’s courseware, E-learning content and technology. We are excited about the possibilities this merger offers for both our customers and employees.”
About Taimma Communications Inc.
About Ebix, Inc.
With 30+ offices across Brazil, Singapore, Australia, the US, New Zealand, India and Canada, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums on its platforms. Through its various SaaS-based software platforms, Ebix employs hundreds of insurance and technology professionals to provide products, support and consultancy to thousands of customers on six continents. Ebix’s focus on quality has enabled it to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute’s Capability Maturity Model (CMM). With a recent ISO 27001-security certification, the Company also has a ISO 9001:2000 certification for both its development and BPO units in India. For more information, visit the Company’s website at www.ebix.com.